The fourth-largest Australian bank, ANZ, has begun issuing stablecoins pegged to the local currency.
To date, ANZ has issued 30 million Australian dollar-backed A$DC tokens. The release took place on the Fireblocks platform using a smart contract compatible with the Ethereum Virtual Machine (EVM). This smart contract can be easily deployed both on the Ethereum blockchain itself and on other networks that support the EVM. The issue took place in favor of Victor Smorgon Group, the participants in the transaction were able to successfully exchange the tokens back for fiat currency.
“This is the first and most important step in enabling our customers to use a secure and reliable portal to the digital economy. Stablecoins provide a new way to make transactions. Victor Smorgon Group was able to access the Zerocap digital asset exchange and transfer funds through a decentralized network. We will continue our development and research into the application of this technology to other companies and customers,” said Nigel Dobson, Head of ANZ Banking Services.
According to the founder and CEO of Zerocap, the entire transaction took 20 minutes, from the issuance and transfer of tokens to the reverse transformation into AUD. Participants have tested and worked out all the steps of the operation, so future transactions can be carried out much faster.
Dobson has previously said that the cryptocurrency sector has become too mature to be ignored. Therefore, for more than a year, ANZ Bank has been working in the direction of blockchain and cryptocurrencies.
Source: Bits
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